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Uptrend Extends

SILVER TECHS
  • RES 4: $27.192 - 1.764 proj of the Oct 3 - 20 - Nov 13 price swing
  • RES 3: $26.943 - High Mar 8 ‘22
  • RES 2: $26.753 - 1.618 proj of the Oct 3 - 20 - Nov 13 price swing
  • RES 1: $26.557 - Intraday high
  • PRICE: $26.300@ 08:11 GMT Apr 3
  • SUP 1: $24.654/328 - 20-day EMA / Low Mar 27 and key support
  • SUP 2: $23.991 - 50-day EMA
  • SUP 3: $22.277 - Low Feb 28
  • SUP 4: $21.928 - Low Jan 22 and a key support

Silver rallied sharply higher yesterday, resulting in a break of resistance at 25.761, the Dec 4 high. The clear breach strengthens bullish conditions. Note that key resistance at $26.135, May 5 ‘23 high, has also been cleared highlighting an important technical break. Sights are on $26.753 a Fibonacci projection point. Key support lies at $24.328, the Mar 27 low. A clear break of it would expose the 50-day EMA, at $23.991.

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